Natiowide ISA. Do we have ANY power at all?

bristolleedsfan

Lychee wrote: »

I

They're being cheeky aren't they? So where's my interest for the first cheque dated between 2 June - 10 June?!?!?!?!?!

You should have made two seperate fixed rate ISA applications being as it was apparent in all probability that the two transfer in cheques were going to arrive at different times.

What did you think was going to happen that the cheque that Nationwide received on 10th June was also going to get backdated to 2nd June at other members expense. :huh:

Its been posted on here numerous times that if people are applying for two ISA transfers in to Nationwide fixed rate account ( one certificate) then they should make two fixed rate applications after all one transfer cheque could get lost in the post and be subject to a two month delay, what on earth would you expect Nationwide to do with the other cheque during the interim period. :huh:

Before someone says, "well a branch said ,,,,,,,,,," the only involvement a Nationwide branch has with ISA transfers is that it has stock of both the ISA applications and transfer in forms.

bristolleedsfan

Lychee wrote: »

If anything all banks should not allow one application form and two transfer forms then! I

Some Banks/Building Societies have fixed rate "issues" which allow additional deposits while the "issue" is still available.( which is usually very short term, sometimes a few days)

Nationwide fixed rate ISA has been rolling. i.e not a limited issue. the rate on it hasnt even changed since at least July 2007 so its not possible for all the banks/building societies to operate the same.

By issuing a certificate for a fixed rate investment, Nationwides fixed rate accounts are geared up to being of one single investment, so if someone decided a week or a month later to put more money in a Nationwide fixed rate they would make a seperate application at the prevailing rate.

BTW, i didnt imply anything, I merely didnt give you the response or sympathy that you hoped that your post would generate.

Heres a quote from Nationwide ISA leaflet in respect of ISA fixed rate.

" You make just one lump sum payment by ..........No additional deposits are allowed"

frivolous_fay

I was told we would have to open two ISAs each for our two transfers in - apparently 'next year' it will be possible to merge multiple accounts into one (o joy! Like I'm gonna be using them next year)

backfoot

My tale of woe with Nationwide is familar but has a few variants.ISA transfer started 30/4/08,funds tranferred by 22/5 but no ISA set up.Letter of complaint 30/6/08 not even acknowledged but responded to 22/8/06.They say my account was miscredited (whatever that means?).

Written back to ask :
1.Why the overall delay.
2.Why not resolved in June after I wrote in.
3.Why wasn't the complaint dealt with within 7 days as per their complaint's promise.
4. Why did they write to me with a generic letter in July saying there were delays if they had set something up.
5.Why did they ignore my request for compensation as per FO guidance for inconvenience and distress. I have advised them that their 56 day period is up if they don't resolve it, prior to me referring it all to the FO.

Really for something quite so simple,Nationwide have made an astonishing hash of it all. I am clearly not alone and they should be accountable for this ineptitude with so many customer's funds.It doesn't augur well.

backfoot

Certificate of Investment finally received over four months after requesting the transfer.

Still awaiting reponse to my follow up complaint.

Stavros_3

frivolous_fay wrote: »

I was told we would have to open two ISAs each for our two transfers in - apparently 'next year' it will be possible to merge multiple accounts into one (o joy! Like I'm gonna be using them next year)

Same for me, opened one in April, transfer docs signed and given, ISA not opened until August **** poor and will be going elsewhere next year

frivolous_fay

Ok, so I'm excessively patient (some would say lazy) and I haven't yet written to complain. (3.5 months and counting)

Can anyone suggest the best person / department / address to write to? NW's site suggests phoning, but I'm blowed if I'm going to do that, at work, on their 0845 number.

backfoot

Casey Collins,
Senior Operations Manager,
ISA Executive Complaints Team
Banking and Savings Administration,
Nationwide B.S.Electra House,
Farnsby Street,
Swindon,
SN1 5TY.

frivolous_fay

Male or female Casey?

backfoot

It doesn't say. Sorry.